AKESO(HK:09926) Xin Lang Zheng Quan·2025-09-10 15:21Core Viewpoint - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching 132.9 billion HKD, a 50% increase compared to the entire year of 2024 [3]. Industry Financing Overview - The top three industries in terms of financing scale are Information Technology, Consumer Discretionary, and Healthcare, with the Healthcare sector raising 37 billion HKD [4]. - Notably, four of the top ten refinancing projects in 2025 are focused on innovative drugs, collectively raising 19.9 billion HKD, highlighting the sector's attractiveness [4]. Company-Specific Highlights - WuXi AppTec raised 7.7 billion HKD through a placement at a price of 104.27 HKD per share, marking the largest medical project financing of the year and the third largest overall [6]. - The company reported a 20.6% increase in revenue for the first half of 2025, with net profit soaring by 95% [6]. - In contrast, the company had a substantial cash reserve of 17.5 billion HKD, raising questions about the necessity of this financing [6]. Capital Movements in "WuXi System" - The "WuXi System" has been active in capital movements, with significant share reductions and financing activities among its subsidiaries, indicating a tightly linked capital network [7]. - WuXi AppTec reduced its stake in WuXi Biologics twice in early 2025, totaling 3.73 billion HKD, while also engaging in various financing activities [7][8]. Other Notable Financing Activities - Innovent Biologics raised 4.3 billion HKD at a low discount of 4.9%, with a remarkable 46% revenue growth and a 302% increase in net profit [9]. - However, significant shareholder reductions by Temasek and Eli Lilly raised concerns about the company's long-term value despite its strong performance [10]. - CanSino Biologics raised 3.97 billion HKD with a low discount, but the simultaneous cash-out by executives raised sensitivity around the company's financial health [11]. - Hansoh Pharmaceutical raised 3.92 billion HKD with a unique underwriting model, indicating confidence in the financing despite potential market challenges [12].